The Partial Payment Agreement For Lot is a crucial document used in Hong Kong real estate transactions where the purchase price of a lot is to be paid in installments rather than as a single payment. This agreement type is commonly used in property development projects, investment purchases, or situations where staged payments better suit the parties' financial arrangements. The document must comply with Hong Kong's Conveyancing and Property Ordinance and related legislation, providing comprehensive coverage of payment terms, security arrangements, and completion conditions. It's particularly important in protecting both parties' interests during the payment period, ensuring clear documentation of the payment schedule, and establishing conditions for ultimate transfer of title. The agreement typically includes specific provisions for default scenarios, property management during the payment period, and any special conditions attached to the lot.
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1. Parties: Identifies and defines all parties to the agreement, including full legal names and addresses
2. Background: Explains the context of the agreement, including brief description of the lot and the parties' intention to enter into a partial payment arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Detailed description of the lot including lot number, location, size, and any relevant property identifiers
5. Purchase Price: States the total purchase price for the lot
6. Payment Terms: Details of the partial payment structure, including initial payment, subsequent installments, and payment schedule
7. Security Arrangements: Specifies any security measures protecting the seller's interests until full payment is received
8. Title and Registration: Provisions regarding when and how title will transfer and registration requirements
9. Default and Remedies: Consequences of default in payment and available remedies
10. Completion: Conditions and process for completion of the sale
11. Governing Law: Specifies Hong Kong law as governing law and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Interest Charges: Terms for interest charges on late payments, used when parties agree to interest on outstanding amounts
2. Early Payment Provisions: Terms for early payment options and any applicable discounts, included when early payment is permitted
3. Property Management: Terms regarding property management during the payment period, needed if property is partially occupied or used before full payment
4. Insurance Requirements: Insurance obligations during the payment period, included when insurance is required before completion
5. Assignment Rights: Terms regarding the right to assign the agreement, included when assignment is contemplated
6. Force Majeure: Provisions for unforeseen circumstances affecting payment obligations, included when specifically requested
1. Payment Schedule: Detailed breakdown of payment installments, amounts, and due dates
2. Property Description: Detailed technical description of the lot including boundaries, easements, and encumbrances
3. Title Documents: List of relevant title documents and their details
4. Completion Requirements: Checklist of documents and requirements for completion
5. Special Conditions: Any special conditions or requirements specific to the transaction
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